The Strategy of the National Company KazMunayGas JSC on "building the muscles” by acquiring the assets, announced couple of years ago, nowadays is replaced by a no less active sellout due to low global oil prices.
Saving the drowners
Last autumn, the management of the National Welfare Fund (NWF) Samruk-Kazyna announced that the total debt of KazMunayGas, resulting, inter alia, from the policy of "resource nationalism" and buying assets abroad, has reached 18 billion USD and KMG can not pay it on its own. Exotic options like purchasing the shares in the KMG affiliated companies by the NWF or by taking over KMG by the National Bank look more like shifting the funds of reserve and national fund from one pocket to another, which will not result in getting more money. As of the last-year-end situation, the external debt the Samruk-Kazyna National Welfare Fund reached 3.2 trillion KZT, which was formed mainly due to attracting external loans by the Fund’s affiliated companies. Therefore, to save a sinking ship in the current conditions of global markets will require real money and not the schemes. And sale of th state assets is one of the first ideas to come to the mind.